PhonePe raises $350M to turbocharge growth and become a Super App 🚀; Revolut's new Ultra subscription plan is a totally useless money sink 🤦‍♂️; FTX native token FTT returns from the dead 💀

FinTech is Eating the World, 24 January

Hey Everyone,

Happy Tuesday! Today’s issue is super interesting as we’re going to look at PhonePe raising massive $$$ to turbocharge growth and become India’s dominant Super App (+ bonus on how India is disrupting the payment space globally), Revolut whose new Ultra subscription plan is pretty useless (+ a quick look at their questionable strategy), and FTX native token FTT returning from the dead (what’s happening?). Let’s jump straight into the awesome stuff.

PhonePe raises $350M to turbocharge growth and become a Super App 🚀

The money💰 Indian digital payments platform PhonePe has raised $350 million in funding from General Atlantic at a pre-money valuation of $12 billion. That’s pretty massive in today’s world of startups! 🦄

The General Atlantic investment marks the first tranche of an up to $1 billion total fundraising that PhonePe commenced in January 2023.

The USP 🥊 Founded in December 2015, PhonePe is an Indian digital payment and financial technology company headquartered in Bengaluru, India. Today FinTech has over 400 million registered users, representing one in four Indians and covering 99% of pin codes in the country.

Walmart-owned PhonePe has shifted strategies in recent months, separating from parent Flipkart and moving its headquarters from Singapore to India.

This along with other strategic initiatives make PhonePe perfectly tailored to build India’s dominant Super App. Let’s take a look.